post by:
Michael Goldstein
If you have a Shopify store then you must be preparing for Q1. The holidays supplied you with plenty of profits, but what do you do with this extra cashflow? We’ll share the best ways to prepare for Q1 and grow your brand along the way.
Managing holiday campaigns and constantly restocking inventory is a lot of work. The holiday rush is a great time to make money, but is also an exhausting season. Still, you need to prepare for Q1. It’s time to take what you earned in Q4 and reinvest it in Q1. How do you do that, you ask? We’ve found the best ways to grow your ecommerce business by approaching Q1 with a positive attitude and clever tips that can be tailored to your own Shopify store.
Steps to getting your brand ready for Q1 in 2023:
- Compare Q1 With Q1
- Retarget Existing Customers
- Revisit Campaigns
- Email Marketing
- Offer Post-Holiday Coupons
- Provide Upsale Options
- Keep Up With Seasons And Holidays
- Consider Inventory Financing
1. Compare Q1 With Q1
Q4 is a big money maker, so do not anticipate the same results in Q1. It’s wiser to prepare for Q1 by looking at Q1 in prior years. Each quarter has its own opportunities, highs, and lows. People will spend differently throughout the year due to the trends and economy. It’s your job to adapt to them. Invest your Q4 profits into Q1. Q4 had generous profits, so use it to stock up on inventory and adjust your advertising campaigns.
2. Retarget Existing Customers
With the holiday season coming to an end, you need to start retargeting. This means advertising to those who are already aware of your business. It’s much easier to convince an old customer to purchase from you again, rather than bringing new ones to you. Use your automated advertising software to send out coupons, reminders, and notifications about your current products. People want to hear from you, and the more they see you, the better chance of them coming for a visit.
3. Revisit Campaigns
It’s best to scale down your advertising budget around mid-December. Shipping isn’t quick enough to deliver gifts anymore and shopping is going to gradually fall, which means your campaign spending should decrease, as well. Doing this will supply you with more funding for Q1. Once the celebrations are over, you’ll need to reconsider your advertising budget, so you can plan for future promotions.
4. Email Marketing
Email marketing has a high success rate. Sending a “welcome” message or an “abandoned cart reminder” makes the difference when it comes to getting those additional sales. It provides a unique experience that your customer will notice. There are many email marketing platforms that can integrate easily with Shopify. Investing in this tool will increase website visits and revenue.
5. Offer Post-Holiday Coupons
The winter holidays have been a huge rush of buying and gifting. It’s expensive to supply all your family and friends with the perfect gifts. That’s why coupons are a great post-holiday opportunity. People want to keep purchasing from you, despite their budget. Offering your customer a coupon for their troubles will encourage them to click that “buy” button faster and allow them to feel good about saving their money. This also sets you apart from the competition who are selling their goods at full price.
6. Provide Upsale Options
Offering bulk items related to goods that the customer is interested in is a great way to make money. If someone is looking at a two pack of pens, then offer an “office discount” by selling five packs at a lower price than they would be sold individually. This tactic works wonders. Haven’t you ever heard of the fast diner’s super-size? Most people say “yes” if it means saving a buck in the long run.
7. Keep Up With Seasons And Holidays
There are many holidays during Q1. Valentine’s Day, St. Patrick’s Day, and the Super Bowl are all opportunities for you. It’s a good idea to have the basics in stock, such as candy, decorations, electronics, and gift baskets. Adapt your website and advertising for the upcoming festivities. Push your green décor during the Irish holiday and promote snacks during the sports season. Preparing for these events will keep shoppers coming back to your store every time they need to celebrate.
8. Consider Inventory Financing
Stocked inventory is crucial if you want to profit in Q1. If you are having a hard time meeting customer demand and need money to deliver your goods, inventory financing would be a good path to take. It’s a lesser risk than most loans, because unlike others, you’re only gambling your inventory and not your other assets. This type of funding will give you a boost, so you can better prepare for product launches and keep up with any spikes in sales volume.